The lawsuits filed against J&J had alleged its talcum powder caused users to develop ovarian cancer, through use for feminine hygiene, or mesothelioma, a cancer that strikes the lungs and other organs — contributing to a drop in J&J's baby powder sales.
NEW BRUNSWICK, N.J. — Johnson & Johnson is earmarking nearly $9 billion to cover allegations that its baby power containing talc caused cancer, more than quadrupling the amount that the company had previously set aside to pay for its potential liability.
The $8.9 billion that J&J would transfer to the subsidiary, LTL Management, would be payable over the next 25 years. The amount is up from the $2 billion thatThe revised amount is being backed by more than 60,000 parties that have filed lawsuits alleging harm from J&J talcum powder, according to the company.
But fighting the lawsuits in court would take decades and be expensive, said Erik Haas, J&J's worldwide vice president of litigation.
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